Thornburg Investment Management Inc. Reduces Stock Holdings in Kite Realty Group Trust (NYSE:KRG)

Key Points

• Thornburg Investment Management Inc. reduced its position in Kite Realty Group Trust by 7.2%, now holding 396,121 shares valued at approximately $8.86 million.
• Kite Realty Group Trust reported a quarterly EPS of $0.53, exceeding the consensus estimate, with revenues of $221.76 million for the quarter.
• The company declared a quarterly dividend of $0.27 per share, showcasing a high payout ratio of 1,542.86%.

Thornburg Investment Management Inc. reduced its stake in Kite Realty Group Trust (NYSE:KRG - Free Report) by 7.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 396,121 shares of the real estate investment trust's stock after selling 30,551 shares during the period. Thornburg Investment Management Inc. owned approximately 0.18% of Kite Realty Group Trust worth $8,861,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of KRG. Opal Wealth Advisors LLC purchased a new stake in shares of Kite Realty Group Trust in the first quarter worth $25,000. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Kite Realty Group Trust during the first quarter valued at $25,000. Optiver Holding B.V. boosted its position in shares of Kite Realty Group Trust by 19.9% during the fourth quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust's stock valued at $71,000 after buying an additional 467 shares during the last quarter. CX Institutional purchased a new stake in shares of Kite Realty Group Trust during the first quarter valued at $79,000. Finally, FIL Ltd boosted its position in shares of Kite Realty Group Trust by 19.8% during the fourth quarter. FIL Ltd now owns 3,500 shares of the real estate investment trust's stock valued at $88,000 after buying an additional 579 shares during the last quarter. 90.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on KRG shares. UBS Group started coverage on Kite Realty Group Trust in a research report on Tuesday, July 1st. They set a "neutral" rating and a $24.00 price objective on the stock. Raymond James Financial lowered their target price on Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating on the stock in a report on Friday, May 23rd. Finally, Wall Street Zen downgraded Kite Realty Group Trust from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Seven analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Kite Realty Group Trust has an average rating of "Hold" and an average target price of $27.22.

Kite Realty Group Trust Price Performance

NYSE KRG traded down $0.35 during trading on Friday, hitting $21.63. 2,064,786 shares of the stock traded hands, compared to its average volume of 1,908,181. The company has a market capitalization of $4.75 billion, a P/E ratio of 27.37, a price-to-earnings-growth ratio of 6.99 and a beta of 1.09. The firm has a 50-day simple moving average of $22.49 and a 200-day simple moving average of $22.36. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.89. Kite Realty Group Trust has a 12-month low of $18.51 and a 12-month high of $28.24.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share for the quarter, meeting the consensus estimate of $0.51. The business had revenue of $211.18 million during the quarter, compared to analysts' expectations of $211.74 million. Kite Realty Group Trust had a return on equity of 5.21% and a net margin of 20.14%. As a group, analysts predict that Kite Realty Group Trust will post 2.05 EPS for the current year.

Kite Realty Group Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Thursday, October 9th will be issued a $0.27 dividend. The ex-dividend date is Thursday, October 9th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 5.0%. Kite Realty Group Trust's payout ratio is 136.71%.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust NYSE: KRG is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The Company's primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets.